Japan's annual trade deficit rose to a record $78 billion in 2012, according to official data from the Ministry of Finance.

Japan, a nation whose export-driven wealth has traditionally been built on trade surpluses, had a second straight year of trade deficits thanks to a persistently high yen, trouble with trading partner China and weakening demand in the eurozone.

Exports fell 5.8% in December 2012 compared to a year earlier due in large part to a strong yen which makes Japanese exports more expensive overseas.